Santander to invest £40m in business bank account scheme

One banking giant has recently announced it will be investing heavily in a new scheme for business bank accounts located in the north-west region of the UK.

Organisations centred in the north-west will soon have a wider range of options to choose from in regards to business banking thanks to Santander Bank.  The Spain-based banking giant has pledged to invest up to £40 million in venture capital to the initiative.

In a recent article published in the Manchester Evening News, the Spanish banker has agreed to fund the scheme, which may result in north-west businesses being able to find access to business loans with more ease.  The proposals as put forth by Santander would see it join forces with a variety of universities and Local Enterprise Partnerships in the region in an effort to promote alternatives to traditional income streams to certain select firms.

Santander Bank chief executive, Ana Botin, stated that the lender was interested in expressing an eagerness to offer a different kind of sustainable help to small businesses within the region.  Ms Botin stated that Santander can offer some more equity to regional businesses instead of just more debt.

In related news, major financial services providers from across the UK recently banded together to form a new taskforce for aiding businesses secure finance.  Dubbed the Business Finance Taskforce, its aim is to ensure that viable businesses throughout the entirety of the UK gain better access to lending in order to grow their firms.

High Street banks have been under fire recently due to the decline in the number of businesses receiving finance from providers.  Critics say that more must be done to enable businesses to grow, which would help throw off the lingering effects of the worldwide banking crisis.

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